Quote:
|
On a simple interest loan, the interest amount does change. It is calculated from the date of the last payment to the date the next payment is posted. So once again... is it legal for the mtg co to hold payment until the due date of the loan?
|
Look, what type of loan do you have? Is it a fixed term, fixed interest rate?
If so, the date the mortgage company posts your payment does not change the amount of interest you pay. There is a fixed amortization schedule so whether you pay your payment on the 1st, 15th or the 30th, as long as it's in the month it's due, there is no difference in the amount of interest you pay. The only thing that is going to decrease the amount of interest you pay is by making extra principle payments and of course paying the loan off in full.
The only time the post date could effect the amount of interest is if your payment represents the full payoff of the loan and
principle curtailments held and applied with your regular monthly payment (assuming you're making these payments separately from one another.)
Linear Mode
